PwC said while instances of reported cybercrime show a small decrease in South Africa at 29 percent in 2018 versus 32 percent in 2016, it retains its second place in the global rankings.

Accounting fraud, usually perpetrated by senior management and resulting in the largest losses, increased from 20 percent to 22 percent.

Another notable form of economic crime in South Africa is procurement fraud, indicating that the entire supply chain is fraught with criminality.

"When combined with the high instances of bribery and corruption reported (affecting more than a third of organisations at 34 percent), the resultant erosion in value from the country’s gross domestic product is startling," said PwC.